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Policy uncertainty drags index down
By Feng Jianmin |
April 8, 2010, Thursday
|
Online Edition
Online Edition
SHANGHAI'S stock market closed lower today after the central bank issued three-year term bills for the first time in nearly two years, bringing fears of tighter monetary policy.
The benchmark Shanghai Composite Index closed 0.91 percent lower at 3,118.7 points. Turnover was 142.1 billion yuan (US$20.8 billion). Losers outnumbered gainers by 511 to 352, and 57 shares remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, dipped 0.69 percent to close at 1232.3 points.
Shanghai Securities News reported today that the city is working on a plan to introduce house ownership tax to curb surging property prices and prevent speculation, citing an unnamed expert in the Finance Institute of Chinese Academy of Social Sciences.
More than three-quarters of property-related stocks plunged. China Vanke Co, the nation's largest listed real estate developer, was down 1.27 percent to 9.34 yuan. Shanghai Lujiazui Finance & Trade Zone Development Co Ltd lost 0.81 percent to 23.37 yuan.
Analysts said that weak performance by real estate has dragged down stock prices of coal, steel and the finance industry.
Shenhua Group Co Ltd dropped 2.17 percent to 28.89 yuan. Shanxi Xishan Coal and Electricity Power Co sank 3.89 percent to 36.12 yuan. Henan Shenhuo Coal and Power Co retreated 3.74 percent to 32.65 yuan.
Baoshan Iron and Steel Co, China's biggest steel maker, dropped 2.52 percent to 7.75 yuan. Wuhan Iron & Steel lost 1.62 percent to 6.66 yuan.
Banking shares were also flat. Industrial Bank lost 2.64 percent to 35.74 yuan. Bank of Communications was down 1.91 percent to 8.23 yuan. China Merchants Bank Co retreated 2.09 percent to 15.92 yuan.
Metal producers showed mixed results. Zijin Gold Mining Co was down 0.94 percent to 8.39 yuan. Jiangxi Copper lost 2.97 percent to 36.53 yuan. Nanjing Yunhai Special Metals Co added 0.92 percent to 15.60 yuan.
The benchmark Shanghai Composite Index closed 0.91 percent lower at 3,118.7 points. Turnover was 142.1 billion yuan (US$20.8 billion). Losers outnumbered gainers by 511 to 352, and 57 shares remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, dipped 0.69 percent to close at 1232.3 points.
Shanghai Securities News reported today that the city is working on a plan to introduce house ownership tax to curb surging property prices and prevent speculation, citing an unnamed expert in the Finance Institute of Chinese Academy of Social Sciences.
More than three-quarters of property-related stocks plunged. China Vanke Co, the nation's largest listed real estate developer, was down 1.27 percent to 9.34 yuan. Shanghai Lujiazui Finance & Trade Zone Development Co Ltd lost 0.81 percent to 23.37 yuan.
Analysts said that weak performance by real estate has dragged down stock prices of coal, steel and the finance industry.
Shenhua Group Co Ltd dropped 2.17 percent to 28.89 yuan. Shanxi Xishan Coal and Electricity Power Co sank 3.89 percent to 36.12 yuan. Henan Shenhuo Coal and Power Co retreated 3.74 percent to 32.65 yuan.
Baoshan Iron and Steel Co, China's biggest steel maker, dropped 2.52 percent to 7.75 yuan. Wuhan Iron & Steel lost 1.62 percent to 6.66 yuan.
Banking shares were also flat. Industrial Bank lost 2.64 percent to 35.74 yuan. Bank of Communications was down 1.91 percent to 8.23 yuan. China Merchants Bank Co retreated 2.09 percent to 15.92 yuan.
Metal producers showed mixed results. Zijin Gold Mining Co was down 0.94 percent to 8.39 yuan. Jiangxi Copper lost 2.97 percent to 36.53 yuan. Nanjing Yunhai Special Metals Co added 0.92 percent to 15.60 yuan.
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